Enterprise Ventures Corporation (EVC) has been awarded a $12.5 million contract from Naval Surface Warfare Center - Panama City Division (NSWC-PCD). Under this contract, EVC will build the U.S. Navy Carriage, Stream, Tow, and Recovery System (CSTRS) for the MH-60S helicopter. The CSTRS provides the multi-mission MH-60S helicopter with the widest, largest minesweeping capability by making Organic Airborne Mine Countermeasures Systems deployable from fleet assets in dangerous waters. This contract includes an option, which, if exercised, would bring the cumulative value to $31,969,022.
EVC is a wholly owned affiliate of Concurrent Technologies Corporation (CTC). According to Edward J. Sheehan, Jr., CTC's President and Chief Executive Officer, "This project is important to U.S. warfighters. CSTRS will enable the U.S. Navy's new littoral combat ships to readily respond to mine threats, providing an extra measure of safety for crew and ships. In addition, the CSTRS design is modular and is capable of supporting the deployment requirement of multiple mine sensors that provide a range of mine countermeasures objectives."
Sheehan says, "This is the culmination of 12 years of design and development work by CTC. As CTC's for-profit affiliate, EVC is able to take the CSTRS project to production. We anticipate adding about 10 jobs over the course of the contract."
Twelve years ago, CTC conducted its first feasibility study for the CSTRS project. "Starting with a clean sheet of paper, CTC developed and tested a flight-capable proof-of-concept system in just 18 months. CTC successfully met all U.S. Navy performance criteria, which led to subsequent contract awards as we moved from design to rigorous testing," says David A. Schario, President of EVC and CTC's Vice President, Physical Sciences and Engineering.
"The CSTRS contract is clearly a milestone for EVC. We are excited to have the opportunity to produce innovative technologies designed by CTC," Schario says.
Ed Peretin is CTC's CSTRS program director. After six years running the program, he will transition to EVC along with the CSTRS production efforts.
"Work will begin within a week," Peretin says. "We will procure materials and then commence production in about four months. EVC will employ both skilled labor and professional staff to support the manufacturing process."
Source: Enterprise Ventures Corporation
Date: May 24, 2012